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European seafood prices begin to recover

Wednesday, June 24, 2020

One of the key themes emerging in many European countries during the COVID-19 crisis is the need for a renewed focus on local seafood production for domestic consumption, according to the latest European Price Report released by the FAO.

European seafood markets, as well as Asian seafood markets, are currently characterized by very weak demand and low prices due to the continuing effects of the COVID-19 pandemic, which has seen most importers remain reluctant to resume purchasing even though some countries have begun gradually loosening restrictions.

Although restaurants are slowly ree-opening, social distancing measures and limits on operating capacity will translate into a significant drop in revenue for the foodservice sector. Despite limited demand, fishing has resumed in most European countries and this additional supply has led to pressure on prices.

Check out the price report here.

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